Investment Advisor/Manager: These professionals are responsible for managing the investment portfolios of the clients and ensuring their wealth grows.
Typical salary range of $80,000 to $250,000.
Wealth Strategist: They help families create and implement a wealth plan that aligns with their long-term goals and values.
Typical salary range of $150,000 to $300,000.
Tax Specialist: These professionals help clients with tax planning, compliance and preparation.
Typical salary range of $70,000 to $200,000.
Estate Planner: They help clients with estate planning, including will preparation and asset distribution.
Typical salary of $100,000 to $250,000.
Philanthropy Advisor: They assist clients in identifying their charitable goals and help them to implement them.
Typical salary range of $70,000 to $200,000.
Operations Manager: They are responsible for the day-to-day operations of the Family Office and ensure the smooth running of its various departments.
Typical salary of $80,000 to $200,000.
Compliance Officer: They ensure that the Family Office complies with all relevant regulations and laws.
Typical salary range of $70,000 to $150,000.
Human Resource Manager: They are responsible for managing the HR functions of the Family Office and ensuring that employees are well taken care of.
Typical salary of $80,000 to $200,000.
Marketing & Communications Manager: They are responsible for promoting the brand and services of the Family Office and building relationships with clients.
Typical salary range of $70,000 to $200,000.
Chef: A professional chef is responsible for preparing meals for the family, entertaining guests and ensuring that their dietary needs are met.
Typical salary range of $50,000 to $150,000.
Gardener: They maintain the grounds and gardens of the property, ensuring that they are always in pristine condition.
The typical salary of $40,000 to $100,000.
Childcare Provider: They are responsible for the care and upbringing of the children in the family, including schooling, extracurricular activities and providing a safe and nurturing environment.
Typical salary range of $40,000 to $150,000.
Personal Assistant: They provide administrative and personal support to the family, including scheduling appointments, managing emails and ensuring that their daily needs are met.
Typical salary range of $50,000 to $150,000.
Housekeeper: They maintain the cleanliness and organization of the family's residence, ensuring that everything is in order.
Typical salary range of $30,000 to $70,000.
Driver: They are responsible for transporting the family and guests, ensuring that they arrive at their destination safely and on time.
Typical salary of $40,000 to $100,000.
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Do you have any experience working in a similar-sized team? If so, how easy was it for you to work in that close knit environment? If not, how would you try and adapt?
Would you call yourself a natural leader? If so give me an example of a situation in which you have to lead a team through a challenge
Would you want prefer to have total autonomy in your work or would you prefer to work with guidance from others?
Do you enjoy working on a range of tasks or would you prefer to work solely in one position? Why is that?
Have you had any experience with the familyβs culture?
How do you like to approach your day? How is your workload and daily/weekly schedule managed in your current/past role?
Are you a person who enjoys challenges? Why?
Have you had experience reporting into multiply managers or stakeholders? If so how did you manage this reporting structure?
2. Problem Solving
Please provide an example of a past problem you have come up against in a similar context
How did you solve it? How did the solution benefit the company?
How do you solve a problem if it is not a skill set or task you have experience in or are familiar with?
Have you worked with the advice of external advisors? If yes, how have you identified they are the correct person to assist you?
The wealthiest families in the world hold secrets that are passed down through the generations
Educational secrets that even the most exclusive schools donβt teach
Wealthy families rarely rely on schools to teach kids about finance
Family offices curate exclusive financial education programs. Programs delivered through private agencies, Ivy League universities and specialist organizations
12 lessons on financial education from Family Offices:
(and tips for any family)
π§΅
Lesson 1: be open
Successful UHNW multi-generational families talk about money. They are not coy
Itβs part of everyday life to talk about business, wealth and money. Business-talk at the dinner table is encouraged
Wealth brings opportunities and problems. But if wealth is a taboo subject, opportunities will be missed and problems exacerbated
A lot of people think they are helping their kids by shielding them from financial matters. But like any topic, to master it, you need to be consistently exposed to it
Lesson 2: start young
That doesnβt mean telling wealthy toddlers their net worth
It means teaching kids about:
- the history of the family wealth
- the scope of the wealth
- the family values
As they get older, focus can shift to areas such as budgeting and saving. Then investing, tax, credit, finance, philanthropy
Kindergartens and schools donβt teach finance... Itβs on you
β’ the regions they're investing in
β’ their asset allocation shifts
1. where billionaires are investing
80% of billionaires see North America as the best investment opportunity over the next 12 months, up 30% from 2023
68% maintain confidence in North America over the next five years
Asia-Pacific (excl. China): 25% short-term optimism, rising to 45% over five years
China: 11% short-term optimism, increasing to 31% over five years
Western Europe: 18% short-term optimism, climbing to 29% over five years
Regions like Middle East, Latin America, Eastern Europe, and Africa are seen as having limited short- and medium-term opportunities
North America Dominance: driven by technological innovation (generative AI, GLP-1 drugs) and energy security, billionaires favor North America for both short- and long-term returns
Shifting Views on APAC and China: short-term confidence in Asia-Pacific and China is muted, but expectations grow over five years
Western Europeβs Moderate Rise: investment sentiment strengthens moderately for Western Europe over the medium term
2. what billionaires plan to invest in
Billionaires' asset allocation shifts:
43% plan to increase exposure to real estate
42% plan to increase exposure to developed market equities
40% intend to increase gold/precious metals exposure
31% plan to increase cash holdings
Interest rate easing:
Views on asset classes are changing as interest rates in the US and Europe may start easing, potentially boosting economic growth
Alternative investments: 38% plan to increase direct private equity holdings
28% plan to increase private equity funds/funds of funds, while 34% plan to decrease
26% intend to increase infrastructure investments
35% plan to increase private debt
Hedge funds are less favored: 27% plan to decrease, while 23% aim to increase
Art and antiques: 32% plan to increase exposure to art and antiques, a significant rise from 11% the previous year
source: UBS Billionaire Survey, 2024
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Protecting wealth is traditionally the raison d'etre of the FO, it involves:
β’ Creating trusts and other legal structures, to preserve wealth within the family and shielding it from outsiders, former spouses, tax authorities
β’ Continuous monitoring of investments and the market to identify and mitigate potential dangers
β’ Implementing diversification strategies
Deloitte Private released a major family office report this week
8 key takeaways
Some truly mind-blowing numbers ββ
1. Family office expansion explodes
β’ 8,030 single family offices globally today, up from 6,130 in 2019 (31% increase)
β’ Projected growth: 12% to 9,030 family offices next year
β’ Expected increase of 33% to 10,720 family offices by 2030
β’ This represents a 75% increase over a 10-year period
2. Family offices are becoming an economic powerhouse
β’ In 2019, total wealth for families with family offices was $3.3 trillion
β’ Today, it stands at $5.5 trillion (67% increase over five years)
β’ Projected growth: $6.9 trillion by 2025 (26% increase)
β’ $9.5 trillion by 2030 (73% increase from today, 189% increase from 2019)
β’ Family offices' total AUM is $3.1 trillion today, expected to rise to $5.4 trillion by 2030 (73% increase)
β’ North America is projected to see the greatest increase in family wealth and AUM, with a 258% rise by 2030, followed by Asia Pacific at 208%